It seems wealthy Brits are suffering a crisis of confidence when it comes to spending during the recession, but why is this?
I guess it depends on your definition of “wealthy”. Apparently if you have a combined income of £93,000 a year then you are officially one of the “Working Wealthy” so how confident are you when it comes to spending, particularly as it is so close to Christmas?
£93,000 per year is a lot though. The average household income is £35k and at that level you are definitely starting to feel the pinch with high costs of food, heating and rising costs of petrol and diesel.
The survey I’ve been reading, by Hiscox UK, a large insurance company, says that there are in fact 2.5M households who qualify as one of the “Working Wealthy”. According to the report, these people are not happy, it seems.
The recession is bearing down on their financial confidence and they are now taking less risks than they did. Although they may be far more wealthy than most, they don’t actually feel it.
If this resonates with you then help may be at hand as Steve Langan – Managing Director of Hiscox UK, the specialist insurer that commissioned the report will be leading an interactive Web TV chat on Monday 7th December at 10am – the day the report will be published.
If you wish to participate then you can submit your questions to Mr Langan either before the chat or live during the show.
Visit this link to submit questions before the chat show.